LAS VEGAS — MVP REIT Inc. has purchased a 47,500-square-foot office building in Las Vegas for $15 million. The building is located at 8880 W. Sunset Road. It is fully leased to a mix of medical and professional tenants that include the corporate headquarters for MVP, which occupies 4,190 square feet. All tenants are under triple-net leases. This sale was part of a larger, five-property portfolio that was acquired by MVP for $48.6 million this past August.
LAKEWOOD, COLO. – The 41-unit Jewel Park apartment complex in Lakewood has sold to a local buyer for $2.3 million. The community is located at 8983 West Jewell Ave. It was built in 1971. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and the seller, Jewell 30, LLC, in this transaction.
MOUNTAIN VIEW, CALIF.—ROEM Corp., along with the city of Mountain View, has completed Franklin Street Family Apartments, a 51-unit affordable housing complex. The $23.4 million community is located at 135 Franklin St. in Silicon Valley. The development is designated for families with annual incomes that are at or below 50 percent of the Santa Clara County area median income. The project was built to LEED Platinum specifications.Through its syndicator, AEGON USA Realty Advisors, Google has invested a total of $6.5 million in the Franklin Street Family Apartments. Google also provided an additional grant of $81,859 for computer equipment and free Internet access for residents. KTGY Group served as the project's architect.
SAN FRANCISCO — Colliers International recently assisted in the sale of two apartment buildings within San Francisco’s Pacific Heights neighborhood. They include a 27-unit trophy asset at 2140 Pacific Ave. and a 30-unit Art Deco building at 1845 Franklin Street.Taylor Street Apartments L.P. purchased the Pacific property from Ralston Bridge Pacific, LLC for $20 million. An offshore buyer acquired the Franklin community from The Prado Group for $14 million. Both buyers were represented by Colliers’ Brad Lagomarsino and James Devincenti.
BELLEVUE, WASH. – The Eating Recovery Centerhas leased 25,179 square feet at Overlake Medical Pavilionin Bellevue. The specialty medical office building is located at 116th Street N.E. on the Overlake Hospital Medical Center campus. The pavilion will house the recovery center’s newest residential program, which provides constant observation and support, medical and psychiatric care and daily therapeutic programming to patients. Other tenants at the pavilion include Proliance Orthopedics & Sports Medicine, Center for Prosthetics Orthotics and Overlake Hospital Medical Center staff. It is currently 45 percent leased. The Class A building is owned by Healthcare Realty. Leasing efforts are handled by CBRE’s Paul Carr, Steve Perovich, Tim Owens or Marcus Yamamoto.
DANIEL ISLAND, S.C. — Trade Street Residential Inc., a multifamily community owner/operator, has purchased Talison Row, a 274-unit, Class A apartment community located at 480 Seven Farms Drive in Daniel Island, for $48 million. Daniel Island is a submarket of Charleston. The community is comprised of one-, two- and three-bedroom units that include hardwood floors, private porches/balconies, washer and dryers, designer lighting, granite countertops, subway tile back splashes, stainless steel appliances and crown molding. Talison Row's amenities include a salt water pool, outdoor fireplace and grilling areas, private cabanas, sunbathing lawn, clubhouse, community garden, private covered parking, yoga studio, game room, 24-hour fitness room and an outdoor gourmet kitchen.
BALTIMORE — Cassidy Turley has arranged the sale of a 28-story, 264,126-square-foot office tower located at 201 N. Charles St. in Baltimore's central business district (CBD). Baltimore-based Blue Ocean Realty purchased the property for nearly $19.7 million. The office tower is only LEED EB Gold certified office tower in Baltimore's CBD, according to Cassidy Turley. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller, Lexington Charles Limited Partnership.
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $2.3 million sale of Florida Federal Plaza, a 33,147-square-foot retail property located at 850 49th St. in St. Petersburg. Save-a-Lot Grocery and Dollar General anchor the center. Moe Derbala of Marcus & Millichap's Tampa office represented the seller, a private investor, in the transaction. Derbala also secured the buyer, a private investor from Clearwater, Fla.
ATLANTA — Thorofare Capital has funded a $8.2 million recapitalization loan for a three-property multifamily portfolio totaling 420 units in the greater Atlanta area. The properties are owned by an Arizona-based distressed real estate investment and management firm. The three properties include Dwell at the View (80 percent occupied) and Dwell at 55 (67 percent occupied) in Atlanta, in addition to Dwell at 1794 (74 percent occupied) in Marietta, a northern suburb of Atlanta. The sponsor plans to use the proceeds of the loan to pay off existing debt, provide equity for a separate purchase and reserve around $900,000 for capital improvements.
KALAMAZOO, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged $18 million of debt for a 240-unit student housing property in Kalamazoo, a city in southwest Michigan. The 10-year loan amortizes over 30 years at a 4.6 percent fixed interest rate with a 70 percent loan-to-value. Rick Lynn, an associate director in Marcus & Millichap’s Chicago Oak Brook office, arranged the loan.